Africa Business News

The Nationwide House Price Index in the UK increased 3.7 percent year-on-year in August 2020, beating market consensus of a 2 percent rise. On a monthly basis, the index rose 2 percent, the highest monthly increase since February 2004. Robert Gardner, Nationwide's Chief Economist said the bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.  These trends look set to continue in the near term, further boosted by the recently announced stamp duty holiday, which will serve to bring some activity forward. However, most forecasters expect labour market conditions to weaken significantly in the quarters ahead as a result of the aftereffects of the pandemic and as government support schemes wind down.

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Oil prices increased on Wednesday, extending its previous gains, amid a bigger-than-expected fall in US crude inventories. Industry data showed US oil stockpiles dropped by 6.4 million barrels in the latest week to about 501.2 million barrels, compared with market consensus of a draw of 1.9 million barrels. Sentiment was also lifted by strong manufacturing data in China and the US. Factory activity in China grew the most in over nine years in August, amid the first increase in overseas sales. Meantime, US manufacturing sector rose at the fastest pace in 1-1/2 years in August, due to a jump in new orders. At around 06:00 AM GMT, WTI crude rose 0.9% to $43,16 a barrel, while Brent crude gained 0.8% to $45.96 a barrel.

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The official statistics agency on Tuesday said Brazil’s economy, the biggest in Latin America, contracted by a record 9.7 percent in the second quarter of 2020, plunging into recession as coronavirus lockdowns hit home.
The Brazilian Institute of Geography and Statistics (IBGE) in a statement said  GDP is now at the same level as late 2009, at the height of the global financial crisis.


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Tunisia's parliament has approved the new government formed by Prime Minister-designate Hichem Mechichi.
Mr Mechichi appointed technocrats in his government as opposed to members of political parties as has been the case in the past.
Political parties had initially expressed mixed reactions to the selection of technocrats.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Mozambique has begun the second phase of easing Covid-19 restrictive measures under the country’s latest state of emergency.
Cinemas, casinos, theatres, gymnasiums, driving schools and motorised sports have been allowed to reopen starting Tuesday.
They will all be required to frequently disinfect their premises and equipment and all people coming in to wear face masks and wash their hands.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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The Zimbabwean government has announced that schools will be reopened in two weeks for students who will sit for examinations later in the year.
Those preparing to sit for Cambridge examinations will resume on 14 September.
Students preparing for Zimbabwe School Examinations Council (Zimsec) examinations scheduled for 1 December will reopen on 28 September.
The cabinet made the decision after consultations with education and health officials.


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This episode is sponsored by
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The French company Axens, which makes systems to convert oil and biomass into cleaner fuels, has won a contract to supply the technology for a multi-billion dollar refinery and petrochemicals plant in Nigeria.
Nigeria currently imports around 90% of its fuel despite being a major oil producer.


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The Department of Petroleum Resources (DPR) said with some of the ongoing modular plants across the country, combined with the Dangote Refinery and the expected commencement of the three plants in Port Harcourt, Kaduna and Warri refineries, Nigeria would become a net exporter of petrol in the next two years.
DPR Director, Mr. Sarki Auwalu, told the Minister of Information and Culture, Mr. Lai Mohammed, who visited the agency headquarters in Lagos that the flow of import would be reversed when the new refineries begin operations.


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The Department of Petroleum Resources (DPR) said with some of the ongoing modular plants across the country, combined with the Dangote Refinery and the expected commencement of the three plants in Port Harcourt, Kaduna and Warri refineries, Nigeria would become a net exporter of petrol in the next two years.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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The naira strengthened to N435 to a dollar at the parallel market yesterday as against about N480 to a dollar it had been trading in the past days.
This showed a gain of N45, representing about 9.3 per cent rise.
Currency dealers attributed the development to the planned resumption of forex sales by the Central Bank of Nigeria (CBN) to operators of Bureau De Change (BDC), which according to them is expected to bolster dollar liquidity in the market.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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